+ Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Beginning balance December 200 units, 20% complete for conversion Work-in-Process Completed 800 units and transf $25,000 to finished goods inventory 54,000 Direct materials Direct labor Factory overhead Property taxes Depreciation 34,000 6,000 32,000 Utilities 18,000 Indirect labor 4,000 Ending balance December 31, 300 units, 40% complete 30,818 Required: 1. Calculate equivalent units using the weighted-average and FIFO methods. Equivalent Units Weighted-Average FIFO Direct materials Conversion 2. Use the given information to determine whether Holly Company is using the FIFO or weighted-average method. The beginning balance of Work-in-Process (WIP) consists of $11,000 of direct materials and $14,000 of conversion costs. multiple choice FIFO method Weighted-average method